Investors fret about rising demand as supply gets squeezed
New York - Oil prices rose past $104 a barrel to end the week at a 29-month high, as fighting in Libya
intensified and the world's largest petroleum consumer, the U.S., reported that employers added nearly 200,000 new jobs in February.
The Labor Department said Friday that the unemployment rate dropped to 8.9 percent in February. While that's positive news for the economy, the report also suggests that more Americans are driving to work at a time when world oil supplies are under pressure because of unrest in Libya and the Middle East
Benchmark West Texas Intermediate crude for April delivery gained $2.51 to settle at $104.42 a barrel on New York Mercantile Exchange, the highest level since Sept. 26, 2008.
In London, Brent crude rose $1.18 to settle at $115.97 per barrel on the ICE Futures exchange.
Most of Libya's oil production has been shut down because of the crisis, and experts say the country's oil fields will be threatened
as long as there's no clear leader in charge.